Canada’s Federal Budget Date – Monday, April 19, 2021
The 1st Federal budget in 2 years will be on Monday April 19, 2021.
Finance Minister Chrystia Freeland made that announcement earlier this week in the House of Commons.
- Will they raise taxes or keep the same to be more competitive to the US should Biden raise taxes or focus on the wealthier?
- Will they focus on economic relief, rebuild, infrastructure and a greener economy?
- Even more difficult to guess this year with the impact of COVID-19, vaccine rollouts and other.
Here is a link to the House of Commons’ Standing Committee on Finance’s recommendations – enough though a list of 145 recommendations – it is a quick, worthwhile read:
“Pursuant to its mandate under Standing Order 108(2), the committee has studied the Pre-Budget Consultations in Advance of the 2021 Budget and has agreed to report the following…”. Read more.
2021 Provincial Budget Updates
- BC will present its budget Tuesday, April 20, 2021;
- Ontario presented its budget on March 24, 2021: no tax increases; other measures include: more small business support grants, tourism and hospitality grant, training grants, increase CCPC’s regional tax credits from 10% to 20% to 2022
- Quebec presented its budget on March 25, 2021: no tax increases, other measures include: tax credits or relief for healthcare and students and training, doubling of C3i investment and tax credits to 2022, tax holiday for digital transformation to 2024, ensure QST is collected on foreign goods from fulfillment warehouses; small business tax rate decrease on 1st $500,000 from 4% to 3.2%, more stringent reporting for trusts and $50M more budgeted for tax audits.
- Nova Scotia presented its budget on March 25, 2021: no tax increases, other measures include: temporary property tax relief for small business and tourism, extending their 35% equity tax credit to 2032
- Alberta presented its budget on February 25, 2021: no tax increases; some property tax relief